Par Pacific (NYSE:PARR) Trading Up 8% - Here's What Happened

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s share price shot up 8% on Thursday . The stock traded as high as $31.66 and last traded at $32.22. 1,761,966 shares were traded during mid-day trading, an increase of 46% from the average session volume of 1,207,734 shares. The stock had previously closed at $29.83.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PARR. Piper Sandler raised their target price on Par Pacific from $21.00 to $26.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Raymond James Financial increased their price target on Par Pacific from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Monday. UBS Group cut their price objective on Par Pacific from $20.00 to $14.75 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group cut Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a report on Wednesday, May 28th. Finally, Wall Street Zen lowered shares of Par Pacific from a "hold" rating to a "sell" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $21.96.

Par Pacific Price Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of -27.54 and a beta of 1.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.54 and a current ratio of 1.56. The business has a fifty day simple moving average of $21.45 and a 200-day simple moving average of $17.43.

Par Pacific (NYSE:PARR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.54). Par Pacific had a negative return on equity of 5.87% and a negative net margin of 0.77%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the company earned $0.69 earnings per share. The firm's revenue was down 11.9% compared to the same quarter last year. Sell-side analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PARR. US Bancorp DE increased its holdings in shares of Par Pacific by 55.7% during the fourth quarter. US Bancorp DE now owns 1,823 shares of the company's stock valued at $30,000 after acquiring an additional 652 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in Par Pacific by 2.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 33,018 shares of the company's stock valued at $471,000 after purchasing an additional 860 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in Par Pacific by 2.3% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 43,531 shares of the company's stock valued at $621,000 after purchasing an additional 960 shares in the last quarter. Signaturefd LLC raised its holdings in Par Pacific by 70.2% during the first quarter. Signaturefd LLC now owns 2,391 shares of the company's stock worth $34,000 after buying an additional 986 shares during the last quarter. Finally, Mariner LLC lifted its stake in shares of Par Pacific by 7.7% in the fourth quarter. Mariner LLC now owns 15,136 shares of the company's stock valued at $248,000 after buying an additional 1,086 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.